Ferrexpo Announces Results for H1 of 2021
Ferrexpor Chair Mr Lucio Genovese said “Today’s strong interim financial results reflect our multi-year investment program in our assets, which has enabled us to not only take full advantage of the current strength of the iron ore market through our high grade iron ore products, but also deliver these results alongside excellent safety performance and continued progress in cutting carbon emissions. The Group has shown resilience throughout the global COVID-19 pandemic, and we remain vigilant in our approach to protect our workforce and local communities from the spread of this virus. We continue to deliver growth, in terms of our operations, marketing and financial results.”
Revenues rise by 74% to USD 1,353 million, reflecting market conditions and investments in increasing pellet quality.
Underlying EBITDAA increases by 147% to USD 868 million (1H 2020: USD 352 million).
Profit after tax of USD 661 million, representing an increase of 165% (1H 2020: USD 250 million).
Mr Lucio Genovese added “Looking ahead, we are at an exciting time in the Group’s development. We are currently undertaking expansion work that will deliver growth in the near-term, having invested US$93 million in growth capex in the first half, and we are already looking ahead to our next phase of growth. On product quality, we have secured our first long-term contract for our latest product offering, high-grade (67% Fe) direct reduction pellets, which represent the future of global steel production as economies worldwide seek to decarbonise, and we also continue to cut our own carbon emissions.”